Closing Bell: Icahn Ups Hertz Stake; S&P 500 Rises as Oil Tops $50

The S&P 500 clinched a new closing high for 2016 as crude closed above $50 a barrel. The Nasdaq ended lower, though, weighed on by a health care selloff led by Valeant Pharmaceuticals (VRX) and Biogen (BIIB) - Get Report . PulteGroup (PHM) - Get Report spiked in afternoon trading on CNBC reports Elliott Management has taken a stake. Ralph Lauren (RL) - Get Report slipped on plans to cut up to 10 percent of its workforce as part of a restructuring plan. A number of longtime execs could be affected by the job cuts. The retailer could take a charge of up to $400 million in fiscal 2017. Activist investor Carl Icahn has raised his stake in Hertz (HTZ) - Get Report to 15.24 percent. The car-rental business has been active this week after announcing plans to separate from its equipment-rental business.